Section 125 — Credit Contracts and Consumer Finance Act 2003: When reopening proceedings may be commenced

125 When reopening proceedings may be commenced (1) Proceedings seeking the reopening of a credit contract, consumer lease, or buy-back transaction may be commenced in the Court by the Commission, any party to the contract, lease, or transaction, or any guarantor under a guarantee relating to the credit contract, at any time earlier than,— (a) in the case of a buy-back transaction, 3 years after the due date for the performance of the last obligation required to be performed under the transaction; or (b) in the case of a contract or lease that is terminated by either party, 1 year after the date on which the contract or lease is terminated; or (c) in any other case, 1 year after the due date for the performance of the last obligation required to be performed under the contract or lease. (2) However, subsection (3) applies if,— (a) with the knowledge of the creditor under a credit contract,— (i) the credit provided under the contract is used (in whole or in part) to pay amounts owing under another credit contract or other credit contracts; or (ii) amounts owing under the contract were paid from credit provided under another credit contract or other credit contracts; and (b) the creditors under the credit contracts are either the same person or related companies. (3) Proceedings seeking the reopening of all or any of the credit contracts referred to in subsection (2) may be commenced at any time earlier than 1 year after the due date for the performance of the last obligation required to be performed under any of those contracts. (4) Proceedings seeking the reopening of a credit contract, consumer lease, or buy-back transaction may not be commenced at any other time. (5) The Commission may commence proceedings on behalf of a person or a class of persons. (6) This section applies despite any other enactment or rule of law. Compare: 1981 No 27 s 12